Hong Kong

Mortgage Refinancing Transactions Made Safer in Hong Kong

By Editors | 21/07/2022

Under the new PAPT mechanism, mortgage refinance proceeds can be transferred directly from one bank to another rather than via a law firm.

Enforcement

SFC Fines RBC Investment Services for Mishandling Client Assets

By Editors | 21/07/2022

The SFC said RBC Investment Services failed to segregate client money and transferred securities from client accounts without valid standing authority.

HKMA Extends Repayment Deferments for Trade Facilities

By Editors | 21/07/2022

Significant uncertainty lies ahead for import and export businesses, the HKMA said. The scheme will fully expire at the end of October.

Fintech / Regtech

HKMA Issues Regtech Guide on Third-Party Risk Management

By Sanday Chongo Kabange | 19/07/2022

The practice guide is meant to help banks plan the implementation of regtech solutions to address the risks associated with third-party relationships.

Fintech / Regtech

HKMA, Banks, Bloomberg Launch Fintech Talent Initiative

By Editors | 18/07/2022

The partners include the HKMA, FSDC, Bloomberg, Ant Group, Bank of America, BOCHK, Citi, Credit Suisse, DBS, Goldman, HKEX, HSBC, JP Morgan, and others.

Enforcement

SFC Bans Former StanChart Representative for Three Years

By Editors | 18/07/2022

The representative’s mother transferred funds into five customers’ payroll accounts to improve his work performance.

Market Infrastructure

HKEX, SFC Extend HKIDR Testing Period Until 5 August

By Editors | 18/07/2022

Firms that have not completed the mandatory E2E Test yet are reminded to complete the test “as soon as possible”.

Bringing People Back to Hong Kong an ‘Uphill Task’: FSDC Chair

By Sanday Chongo Kabange | 18/07/2022

FSDC chairman Laurence Li said Hong Kong we must not allow any “slippage” in its role as an international financial centre, and as a connector to the mainland.

Big Picture

HK Can Retain Hub Status for Alternative Asset Managers: AIMA

By Editors | 17/07/2022

Hong Kong should ensure financial services professionals can move freely, and expand Wealth Connect over time to include alternative asset classes, AIMA says.